This sums it up pretty well
- Thread starter evince
- Start date
Cancel 2016.2
The Almighty
Tell us Desh.... If you truly believe your previous post.... then why is the housing market not confined to the lower priced homes? If your theory is correct.... then it should only be hitting the lower end of the market.
What we have is a buyer's market as home prices fall after being over-inflated by a bubble created by people who decided that micro-managing banks when they had no real expertise was a good idea.
I agree with that. Too bad we keep voting for populists who tell us what they will give to us and take pride in crowing about the "more home owners" crap while, at the very least, cheering on and promoting what will become a problem.
Cancel 2016.2
The Almighty
Since you have such a "good" grasp on this situation desh.... please explain to us....
1) Why did the 1999 bill (signed by Clinton) receive BI PARTISAN support in overwhelming numbers?
2) If the Dems knew this was such a problem... WHY did they not introduce a bill at the start of 2007 to reverse the 1999 bill? It would not have changed the loans outstanding, but it would correct the problem for the future.
3) WHY did the Dems not make this the second major issue behind Iraq during the election years of 2002, 2004 or 2006?
4) Why did they not go to state legislatures that the Dems controlled and have them enact STATE regulations to curb this practice?
1) Why did the 1999 bill (signed by Clinton) receive BI PARTISAN support in overwhelming numbers?
2) If the Dems knew this was such a problem... WHY did they not introduce a bill at the start of 2007 to reverse the 1999 bill? It would not have changed the loans outstanding, but it would correct the problem for the future.
3) WHY did the Dems not make this the second major issue behind Iraq during the election years of 2002, 2004 or 2006?
4) Why did they not go to state legislatures that the Dems controlled and have them enact STATE regulations to curb this practice?
Why did they not go to state legislatures that the Dems controlled and have them enact STATE regulations to curb this practice?
States have been trying to reign in subprime lending, but have been meeting resistance from the adminstration and GOP congress that you helped elect twice.
T
TRGLDTE
Guest
You mean idiotic crap like saying they would place a moratorium on foreclosures? Whoever said that is an economic idiot.
evince
Truthmatters
Ive have been looking for this information for days and finnally found it.
Here is and example of bills introduced by democrats in the congress during the 109th congress tring to deal with the growing problem. The Republicans killed all the bills.
http://thomas.loc.gov/cgi-bin/query/...H.CON.RES.107:
http://thomas.loc.gov/cgi-bin/bdquer...:@@@D&summ2=m&
Here is and example of bills introduced by democrats in the congress during the 109th congress tring to deal with the growing problem. The Republicans killed all the bills.
http://thomas.loc.gov/cgi-bin/query/...H.CON.RES.107:
http://thomas.loc.gov/cgi-bin/bdquer...:@@@D&summ2=m&
gonzojournals
Better than You
Two 404 errors...good job, Desh..that was convincing evidence.
gonzojournals
Better than You
How does that resolution fix the problem?
evince
Truthmatters
Whereas predatory lending is the use of abusive home mortgage lending practices, including lending that involves excessive fees, inappropriate penalties, and other unreasonable terms and lending that strips equity from the homeowner;
Whereas predatory lending practices are, unfortunately, much too common in the United States;
Whereas predatory lenders target homeowners who are `equity-rich' and `cash-poor', particularly elderly, low-income, and minority households;
Whereas predatory loans are often made in such concentrated volumes in poor and minority neighborhoods, where better loans are not readily available, that the resulting loss of equity in, and foreclosure on, the properties devastate those already fragile communities; and
Whereas predatory lenders often use high-pressure tactics to charge customers extremely high, unaffordable fees so that the borrower will eventually default on the loan and lose the home, and the lender will profit from the equity in the property: Now, therefore, be it
Resolved by the House of Representatives (the Senate concurring), That the Congress--
(1) fully supports the goal of increasing homeownership among families in the United States;
(2) recognizes the importance of homeownership in families establishing financial independence;
(3) fully supports programs for first-time homeownership, including the With Ownership Wealth Initiative of the Congressional Black Caucus Foundation;
(4) urges the Federal Government and State and local governments--
(A) to take appropriate actions to encourage homeownership and fair housing practices; and
(B) to confront all forms of predatory lending with swift legislative action;
Whereas predatory lending practices are, unfortunately, much too common in the United States;
Whereas predatory lenders target homeowners who are `equity-rich' and `cash-poor', particularly elderly, low-income, and minority households;
Whereas predatory loans are often made in such concentrated volumes in poor and minority neighborhoods, where better loans are not readily available, that the resulting loss of equity in, and foreclosure on, the properties devastate those already fragile communities; and
Whereas predatory lenders often use high-pressure tactics to charge customers extremely high, unaffordable fees so that the borrower will eventually default on the loan and lose the home, and the lender will profit from the equity in the property: Now, therefore, be it
Resolved by the House of Representatives (the Senate concurring), That the Congress--
(1) fully supports the goal of increasing homeownership among families in the United States;
(2) recognizes the importance of homeownership in families establishing financial independence;
(3) fully supports programs for first-time homeownership, including the With Ownership Wealth Initiative of the Congressional Black Caucus Foundation;
(4) urges the Federal Government and State and local governments--
(A) to take appropriate actions to encourage homeownership and fair housing practices; and
(B) to confront all forms of predatory lending with swift legislative action;
gonzojournals
Better than You
Yes, I read it...I still don't see how it takes any steps to solve the problem...all it does is recognise a problem.
evince
Truthmatters
(B) to confront all forms of predatory lending with swift legislative action;
The republican congress killed this bill and it was trying to blunt the problem. They did what they did with the majority of Democratic attempts to fix anything. They would send it ot committee and the committe would just set it in the stack and never adress it. This is how a bill is killed. This is what the dems were left to.
The republican congress killed this bill and it was trying to blunt the problem. They did what they did with the majority of Democratic attempts to fix anything. They would send it ot committee and the committe would just set it in the stack and never adress it. This is how a bill is killed. This is what the dems were left to.
T
TRGLDTE
Guest
You are correct that this would not solve the problem in and of itself. Furthermore, Desh hasn't linked up that predatory lending is not the same as sub-prime lending, so this isn't even the same issue.
evince
Truthmatters
gonzojournals
Better than You
Why can't you admit it is a bipartisan fuck up and that the resolution you posted was about as useless as male nipples?
evince
Truthmatters
It was an attempt to get the people in control of congress (which were Rs) to deal with the problem before it got out of hand.
No the attempt was not sucessful. That does not mean it was not no one attempted to do something.
Why cant you admitt that the people who could have done something and refused to act when told of the problem were the republicans who controled our entire government a the time.
They failed to act when they could have.
So in your mind the the dems bare the woeight of the failure when they were prevented from acting by a R controlled congress. How fair.
No the attempt was not sucessful. That does not mean it was not no one attempted to do something.
Why cant you admitt that the people who could have done something and refused to act when told of the problem were the republicans who controled our entire government a the time.
They failed to act when they could have.
So in your mind the the dems bare the woeight of the failure when they were prevented from acting by a R controlled congress. How fair.